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Autoliv upgraded to Hold from Sell at Pareto

15

Sep

30

Oct

ALVAutoliv

$127.15

13.9 (12.27%)

09/14/17

BUCK

09/14/17NO CHANGETarget $87BUCKUnderperform

Buckingham remains bearish on Autoliv after news of potential spinoff

Buckingham analyst Glenn Chin reiterates an Underperform rating and $87 price target for Autoliv following the company's announcement that it is undertaking a strategic review to potentially separate its Passive Safety and Electronic Businesses. The analyst believes this is the company's effort to capitalize on the anticipated ramp in Passive Safety growth over the next couple years, as well as investor enthusiasm surrounding standalone high-tech/high-growth auto suppliers. While he understands the excitement around the announcement, he notes that even on a SOTP basis, Chin derives a price target of roughly $91.

09/15/17

SBSH

09/15/17NO CHANGETarget $129SBSHBuy

Autoliv price target raised to $129 from $105 at Citi

Citi analyst Itay Michaeli raised his price target for Neutral-rated Autoliv to $129 to reflect the company's guidance and the announced potential split of its segments. The catalyst for a potential separation likely came from stronger Passive Safety financial performance, which can "arguably justify a solid standalone multiple," the analyst contends.

09/15/17

WELS

09/15/17NO CHANGETarget $140WELSOutperform

Autoliv price target raised to $140 from $129 at Wells Fargo

Wells Fargo analyst David Lim raised his price target for Autoliv to $140 saying management did a good job outlining their outlook. Assuming its two divisions do not separate, the analyst "roughly" estimates 2020 earnings per share around $10.00. If management decides to split the divisions, Lim estimates the Electronics division valuation in the $2.8B-$3.1B range. He keeps an Outperform rating on Autoliv.

09/15/17

BUCK

09/15/17UPGRADETarget $114BUCKNeutral

Autoliv upgraded to Neutral from Underperform at Buckingham

Buckingham upgraded Autoliv to Neutral and raised its price target to $114 from $87 following the announcement the company is undertaking a strategic review to potentially separate its Passive Safety and Electronics businesses. The firm's analyst views the news as a positive catalyst and said shares could rise higher if a separation does occur.

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